American Century Investments®
Quarterly Portfolio Holdings
American Century® Short Duration Strategic Income ETF(SDSI)
May 31, 2026


Short Duration Strategic Income ETF - Schedule of Investments
MAY 31, 2026 (UNAUDITED) 
Principal
Amount ($)/Shares		Value ($)
CORPORATE BONDS — 42.9%
Aerospace and Defense — 1.1%
Boeing Co., 6.30%, 5/1/29764,000 799,393 
Honeywell Aerospace, Inc., 4.00%, 3/16/29(1)
791,000 781,938 
TransDigm, Inc., 4.875%, 5/1/29810,000 801,211 
2,382,542 
Automobiles — 0.4%
Ford Motor Credit Co. LLC, 5.125%, 11/5/26500,000 501,340 
Nissan Motor Acceptance Co. LLC, 6.95%, 9/15/26(1)
425,000 426,823 
928,163 
Banks — 7.2%
ABN AMRO Bank NV, VRN, 3.32%, 3/13/37(1)
1,000,000 903,682 
Australia & New Zealand Banking Group Ltd., VRN, 2.57%, 11/25/35(1)
1,211,000 1,086,137 
Bank of America Corp., VRN, 4.48%, 4/23/30235,000 233,994 
Bank of Montreal, VRN, 4.88%, 6/2/32(2)
730,000 731,296 
Bank of Montreal, VRN, 3.80%, 12/15/32825,000 812,539 
Bank of Montreal, VRN, 7.70%, 5/26/84805,000 845,390 
Bank of Nova Scotia, VRN, 4.58%, 6/5/29(2)
650,000 650,214 
BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, 5.40%, 6/3/31(1)(2)
273,000 273,704 
Credit Agricole SA, VRN, 4.66%, 1/12/32(1)
616,000 607,299 
Dresdner Funding Trust I, 8.15%, 6/30/31(1)
511,000 551,281 
Fifth Third Financial Corp., VRN, 5.98%, 1/30/30405,000 417,431 
FNB Corp., VRN, 5.72%, 12/11/30451,000 454,479 
Freedom Mortgage Holdings LLC, 9.25%, 2/1/29(1)
991,000 1,032,736 
Freedom Mortgage Holdings LLC, 6.875%, 5/1/31(1)
45,000 43,643 
Huntington Bancshares, Inc., VRN, 4.62%, 1/28/32405,000 399,511 
JPMorgan Chase & Co., VRN, 4.41%, 4/23/30520,000 517,313 
Morgan Stanley Bank NA, VRN, 4.79%, 5/10/30250,000 250,743 
Morgan Stanley Private Bank NA, VRN, 4.73%, 7/18/31335,000 334,178 
Regions Bank, VRN, 4.76%, 7/27/29650,000 652,035 
Toronto-Dominion Bank, VRN, 8.125%, 10/31/82600,000 623,210 
Truist Bank, VRN, 4.63%, 9/17/29530,000 527,648 
Wells Fargo & Co., VRN, 4.58%, 5/20/29760,000 759,786 
Wells Fargo & Co., VRN, 4.18%, 1/23/30525,000 519,707 
Western Alliance Bancorp, VRN, 3.00%, 6/15/31515,000 500,168 
Westpac Banking Corp., VRN, 2.67%, 11/15/35908,000 820,468 
Zions Bancorp NA, 3.25%, 10/29/29700,000 659,666 
Zions Bancorp NA, VRN, 4.48%, 2/9/29555,000 551,379 
15,759,637 
Beverages — 0.2%
Maple Parent Holdings Corp., 4.75%, 3/26/29(1)
375,000 375,004 
Broadline Retail — 0.4%
Amazon.com, Inc., 4.00%, 3/13/29620,000 615,545 
Amazon.com, Inc., 4.25%, 3/13/31170,000 168,158 
783,703 
Building Products — 0.6%
Builders FirstSource, Inc., 4.25%, 2/1/32(1)
290,000 267,089 
Standard Industries, Inc., 4.75%, 1/15/28(1)
1,100,000 1,095,424 
1,362,513 


Capital Markets — 5.6%
Apollo Debt Solutions BDC, 5.20%, 12/8/28(1)
410,000 405,809 
Ares Strategic Income Fund, 5.70%, 3/15/28386,000 386,474 
Blackstone Private Credit Fund, 3.25%, 3/15/27775,000 764,135 
Blackstone Private Credit Fund, 5.95%, 7/16/29503,000 503,701 
Blackstone Secured Lending Fund, 2.75%, 9/16/26466,000 463,046 
Blue Owl Capital Corp., 3.40%, 7/15/26930,000 928,669 
Blue Owl Credit Income Corp., 7.75%, 9/16/27465,000 474,907 
Blue Owl Credit Income Corp., 7.75%, 1/15/29575,000 594,610 
Charles Schwab Corp., VRN, 4.74%, 5/21/30550,000 553,008 
Citadel Finance LLC, 4.75%, 2/14/29(1)
330,000 324,551 
Deutsche Bank AG, VRN, 4.875%, 12/1/32869,000 866,707 
Goldman Sachs BDC, Inc., 5.10%, 1/28/29233,000 228,005 
Goldman Sachs Group, Inc., VRN, 4.52%, 1/21/32615,000 605,633 
Goldman Sachs Private Credit Corp., 5.05%, 2/23/28290,000 288,289 
Golub Capital BDC, Inc., 2.05%, 2/15/27294,000 287,365 
Golub Capital BDC, Inc., 7.05%, 12/5/28346,000 356,234 
Golub Capital Private Credit Fund, 5.45%, 8/15/28(1)
460,000 456,360 
HPS Corporate Lending Fund, 5.45%, 1/14/28540,000 538,756 
HPS Corporate Lending Fund, 4.90%, 9/11/2890,000 88,469 
Morgan Stanley, VRN, 4.13%, 10/18/29995,000 983,700 
North Haven Private Income Fund LLC, 5.125%, 9/25/28(1)
477,000 467,012 
Northern Trust Corp., VRN, 3.375%, 5/8/321,203,000 1,187,870 
Oaktree Strategic Credit Fund, 6.50%, 7/23/29525,000 530,602 
12,283,912 
Consumer Finance — 0.7%
Avilease Capital Ltd., 4.75%, 11/12/30(1)
240,000 234,470 
Navient Corp., 9.375%, 10/15/31402,000 400,563 
Stellantis Financial Services U.S. Corp., 4.95%, 9/15/28(1)
840,000 836,851 
1,471,884 
Consumer Staples Distribution & Retail — 0.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.50%, 3/31/31(1)
360,000 354,925 
Diversified REITs — 3.1%
American Assets Trust LP, 3.375%, 2/1/31890,000 809,071 
Brandywine Operating Partnership LP, 8.30%, 3/15/28607,000 632,020 
Equinix Asia Financing Corp. Pte. Ltd., 4.40%, 3/15/31415,000 407,703 
Global Net Lease, Inc., 4.50%, 9/30/28(1)
925,000 906,778 
Kilroy Realty LP, 4.25%, 8/15/29535,000 518,671 
Kilroy Realty LP, 3.05%, 2/15/30700,000 644,715 
Piedmont Operating Partnership LP, 6.875%, 7/15/29420,000 441,603 
Piedmont Operating Partnership LP, 2.75%, 4/1/32405,000 344,422 
Store Capital LLC, 4.95%, 2/11/31(1)
685,000 679,105 
Trust 2401, 4.87%, 1/15/30(1)
400,000 382,978 
Trust 2401, 7.70%, 1/23/32(1)(3)
200,000 213,745 
Trust Fibra Uno, 4.87%, 1/15/30(1)
540,000 517,619 
Vornado Realty LP, 2.15%, 6/1/26363,000 363,000 
6,861,430 
Diversified Telecommunication Services — 0.5%
AT&T, Inc., 7.30%, 8/15/2645,000 45,251 
Core Scientific Finance I LLC, 7.75%, 5/15/31(1)
520,000 532,062 
SE Cosmos LLC, 8.875%, 5/1/31(1)
485,000 507,565 
1,084,878 
Electric Utilities — 1.8%
COX Asset Mexico SA de CV, 7.125%, 1/8/32(1)
514,000 524,023 
Emera, Inc., Series 16-A, VRN, 6.75%, 6/15/76643,000 643,413 


Evergy Missouri West, Inc., 4.70%, 5/21/29(1)
488,000 489,274 
Hawaiian Electric Co., Inc., 6.00%, 10/1/33(1)
377,000 374,392 
Hydro One, Inc., 4.75%, 5/30/31104,000 104,412 
NRG Energy, Inc., 6.125%, 5/15/36(1)
61,000 60,901 
Southern Co. Gas Capital Corp., VRN, 6.05%, 9/15/56250,000 251,278 
Vistra Operations Co. LLC, 6.875%, 4/15/32(1)
573,000 596,542 
VoltaGrid LLC, 7.375%, 11/1/30(1)
516,000 537,564 
Xcel Energy, Inc., VRN, 5.75%, 12/3/56348,000 345,028 
3,926,827 
Electrical Equipment — 0.1%
WESCO Distribution, Inc., 5.25%, 4/15/31(1)
218,000 216,477 
Entertainment — 0.3%
Discovery Global Holdings, Inc., 4.30%, 1/17/30EUR496,000 548,794 
Financial Services — 2.4%
Atlas Warehouse Lending Co. LP, 6.05%, 1/15/28(1)
282,000 286,173 
Atlas Warehouse Lending Co. LP, 4.625%, 11/15/28(1)
278,000 274,622 
Corebridge Global Funding, 4.45%, 10/2/30(1)
941,000 926,410 
Corebridge Global Funding, 4.55%, 1/9/31(1)
190,000 187,272 
Essent Group Ltd., 6.25%, 7/1/29865,000 894,070 
Nationwide Building Society, VRN, 4.125%, 10/18/32(1)
750,000 741,713 
NMI Holdings, Inc., 6.00%, 8/15/29795,000 813,611 
PayPal Holdings, Inc., 4.55%, 6/1/28435,000 436,164 
Rocket Cos., Inc., 6.125%, 8/1/30(1)
390,000 396,173 
Rocket Cos., Inc., 6.375%, 8/1/33(1)(3)
90,000 91,507 
UWM Holdings LLC, 6.25%, 3/15/31(1)
266,000 244,428 
5,292,143 
Food Products — 0.2%
Minerva Luxembourg SA, 4.375%, 3/18/31(1)
571,000 507,180 
Gas Utilities — 0.3%
National Fuel Gas Co., 4.75%, 5/15/29(2)
653,000 653,638 
Ground Transportation — 0.5%
Ashtead Capital, Inc., 4.375%, 8/15/27(1)
550,000 548,135 
Fedex Freight Holding Co., Inc., 4.65%, 3/15/31(1)
596,000 587,355 
1,135,490 
Health Care Equipment and Supplies — 0.8%
Baxter International, Inc., 4.45%, 2/15/29705,000 698,242 
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/1/29(1)
954,000 980,321 
1,678,563 
Health Care Providers and Services — 0.5%
Acadia Healthcare Co., Inc., 5.00%, 4/15/29(1)
610,000 597,400 
IQVIA, Inc., 5.00%, 5/15/27(1)
375,000 375,002 
Universal Health Services, Inc., 1.65%, 9/1/26175,000 173,805 
1,146,207 
Hotels, Restaurants and Leisure — 0.2%
Carnival Corp. Ltd., 5.125%, 5/1/29(1)
491,000 490,779 
Household Durables — 0.7%
Taylor Morrison Communities, Inc., 5.75%, 1/15/28(1)
744,000 751,677 
TopBuild Corp., 3.625%, 3/15/29(1)
818,000 811,800 
1,563,477 
Independent Power and Renewable Electricity Producers — 0.3%
Greenko Wind Projects Mauritius Ltd., 7.25%, 9/27/28(1)
610,700 617,286 
Insurance — 1.4%
Fortitude Global Funding, 4.625%, 10/6/28(1)
762,000 755,135 
GA Global Funding Trust, 5.20%, 12/9/31(1)
395,000 389,723 


Global Atlantic Fin Co., 4.40%, 10/15/29(1)
1,160,000 1,127,998 
Liberty Mutual Group, Inc., VRN, 4.125%, 12/15/51(1)
711,000 703,375 
2,976,231 
IT Services — 0.0%
CoreWeave, Inc., 9.25%, 6/1/30(1)(3)
95,000 96,991 
Media — 2.2%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/1/27(1)
153,000 152,976 
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 2/1/28(1)
670,000 663,722 
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30(1)
685,000 647,793 
Cox Communications, Inc., 5.70%, 6/15/33(1)
535,000 527,649 
Discovery Communications LLC, 3.95%, 3/20/28272,000 254,206 
Discovery Communications LLC, 4.125%, 5/15/29596,000 596,835 
Nexstar Media, Inc., 6.50%, 9/15/33(1)
297,000 299,577 
Sirius XM Radio LLC, 4.00%, 7/15/28(1)
965,000 940,540 
Univision Communications, Inc., 7.375%, 6/30/30(1)
405,000 403,645 
Univision Communications, Inc., 8.875%, 4/15/33(1)
280,000 279,215 
4,766,158 
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, 7/15/31(1)
705,000 730,740 
Multi-Utilities — 0.8%
CMS Energy Corp., VRN, 4.75%, 6/1/501,233,000 1,217,553 
Sempra, VRN, 4.125%, 4/1/52516,000 511,640 
1,729,193 
Oil, Gas and Consumable Fuels — 4.9%
Azule Energy Finance PLC, 8.125%, 1/23/30(1)
272,000 278,051 
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, 7/15/29(1)
870,000 895,364 
Cenovus Energy, Inc., 4.65%, 3/20/31924,000 916,872 
Enbridge, Inc., VRN, 6.00%, 1/15/77910,000 913,118 
Enterprise Products Operating LLC, VRN, 5.25%, 8/16/771,078,000 1,077,212 
Equinor ASA, 4.50%, 9/3/30260,000 260,136 
Expand Energy Corp., 5.375%, 3/15/301,110,000 1,120,176 
Ovintiv, Inc., 7.20%, 11/1/31198,000 218,432 
Ovintiv, Inc., 7.375%, 11/1/31147,000 163,314 
Permian Resources Operating LLC, 5.875%, 7/1/29(1)
859,000 860,219 
Permian Resources Operating LLC, 6.25%, 2/1/33(1)
337,000 346,394 
PRIO Luxembourg Holding SARL, 6.75%, 10/15/30(1)
400,000 399,900 
Targa Resources Corp., 4.35%, 1/15/291,058,000 1,054,031 
Targa Resources Corp., 4.35%, 4/15/31190,000 186,164 
Transcanada Trust, VRN, 5.30%, 3/15/77188,000 187,835 
Venture Global LNG, Inc., 7.00%, 1/15/30(1)(3)
860,000 882,520 
Venture Global Plaquemines LNG LLC, 6.125%, 12/15/30(1)
450,000 462,435 
Western Midstream Operating LP, 4.80%, 3/1/31419,000 416,226 
10,638,399 
Passenger Airlines — 1.8%
American Airlines Pass-Through Trust, Class A, 3.70%, 4/1/286,272 6,253 
American Airlines Pass-Through Trust, Class B, 3.85%, 8/15/29674,453 660,292 
American Airlines, Inc., 7.25%, 2/15/28(1)
1,045,000 1,060,626 
AS Mileage Plan IP Ltd., 5.02%, 10/20/29(1)
359,000 355,913 
AS Mileage Plan IP Ltd., 5.31%, 10/20/31(1)
205,000 201,459 
Avianca Midco 2 PLC, 9.625%, 2/14/30(1)
600,000 584,754 
United Airlines, Inc., 4.625%, 4/15/29(1)
1,130,000 1,115,237 
3,984,534 
Semiconductors and Semiconductor Equipment — 0.1%
Kioxia Holdings Corp., 6.25%, 7/24/30(1)
200,000 206,098 


Software — 1.8%
AppLovin Corp., 5.125%, 12/1/29688,000 696,128 
AppLovin Corp., 5.375%, 12/1/31390,000 397,024 
Oracle Corp., 4.95%, 2/4/31465,000 457,360 
Salesforce, Inc., 4.50%, 3/15/28545,000 545,734 
Salesforce, Inc., 4.65%, 3/15/29295,000 295,641 
ServiceNow, Inc., 4.25%, 5/15/28435,000 435,074 
ServiceNow, Inc., 4.70%, 8/15/31425,000 425,397 
SS&C Technologies, Inc., 6.50%, 6/1/32(1)
610,000 615,759 
3,868,117 
Specialized REITs — 0.6%
Crown Castle, Inc., 4.80%, 9/1/28565,000 568,155 
Crown Castle, Inc., 4.90%, 9/1/29810,000 814,922 
1,383,077 
Specialty Retail — 0.3%
Advance Auto Parts, Inc., 7.00%, 8/1/30(1)
587,000 603,564 
Trading Companies and Distributors — 0.6%
Aircastle Ltd., 6.50%, 7/18/28(1)
280,000 289,102 
Herc Holdings, Inc., 7.00%, 6/15/30(1)
1,030,000 1,070,863 
1,359,965 
TOTAL CORPORATE BONDS
(Cost $93,799,759)
93,768,519 
U.S. TREASURY SECURITIES — 20.8%
U.S. Treasury Notes, 4.625%, 6/15/27(4)
555,000 559,092 
U.S. Treasury Notes, 3.50%, 9/30/2765,000 64,629 
U.S. Treasury Notes, 4.00%, 5/31/28(2)
23,210,000 23,212,255 
U.S. Treasury Notes, 3.75%, 12/31/287,510,000 7,456,902 
U.S. Treasury Notes, 3.875%, 5/15/298,015,000 7,977,117 
U.S. Treasury Notes, 4.375%, 12/31/295,000,000 5,047,656 
U.S. Treasury Notes, 3.875%, 4/30/311,040,000 1,028,056 
TOTAL U.S. TREASURY SECURITIES
(Cost $45,285,942)
45,345,707 
COLLATERALIZED MORTGAGE OBLIGATIONS — 11.9%
Private Sponsor Collateralized Mortgage Obligations — 11.7%
Angel Oak Mortgage Trust, Series 2020-5, Class A2, SEQ, VRN, 1.58%, 5/25/65(1)
29,751 28,923 
Barclays Mortgage Loan Trust, Series 2026-NQM2, Class A1, VRN, 4.70%, 12/25/65(1)
775,739 768,002 
BINOM Mortgage Loan Trust, Series 2026-NQM1, Class A2, 5.31%, 2/25/66(1)
395,794 393,856 
BRAVO Residential Funding Trust, Series 2024-NQM2, Class A3, 6.59%, 2/25/64(1)
431,469 434,857 
BRAVO Residential Funding Trust, Series 2025-NQM4, Class A2, 5.82%, 2/25/65(1)
410,874 412,823 
BRAVO Residential Funding Trust, Series 2025-NQM7, Class A1B, 5.46%, 7/25/65(1)
243,811 244,292 
BRAVO Residential Funding Trust, Series 2025-NQM9, Class A3, 5.55%, 9/25/65(1)
375,855 375,851 
BRAVO Residential Funding Trust, Series 2026-NQM4, Class A2, 5.49%, 3/25/66(1)
737,655 736,924 
Chase Home Lending Mortgage Trust, Series 2024-6, Class A9A, VRN, 6.00%, 5/25/55(1)
82,919 83,331 
Chase Home Lending Mortgage Trust, Series 2024-7, Class A4, VRN, 6.00%, 6/25/55(1)
486,018 487,883 
Chase Home Lending Mortgage Trust, Series 2024-8, Class A6A, SEQ, VRN, 5.50%, 8/25/55(1)
5,037 5,025 
Chase Home Lending Mortgage Trust, Series 2024-9, Class A4, VRN, 5.50%, 9/25/55(1)
45,098 45,176 
Chase Home Lending Mortgage Trust, Series 2025-2, Class A4, VRN, 6.00%, 12/25/55(1)
202,950 203,799 
Chase Home Lending Mortgage Trust, Series 2025-8, Class A4, SEQ, VRN, 6.00%, 6/25/56(1)
510,325 512,562 
Chase Home Lending Mortgage Trust, Series 2025-8, Class A9, VRN, 6.25%, 6/25/56(1)
221,125 222,411 
Chase Home Lending Mortgage Trust, Series 2025-9, Class A4A, SEQ, VRN, 5.50%, 6/25/56(1)
278,867 278,419 
Citigroup Mortgage Loan Trust, Series 2024-1, Class A7A, VRN, 6.00%, 7/25/54(1)
63,977 64,220 
Citigroup Mortgage Loan Trust, Series 2024-CMI1, Class A11, VRN, 5.50%, 6/25/54(1)
96,684 96,819 
Citigroup Mortgage Loan Trust, Series 2024-CMI1, Class A5, VRN, 5.50%, 6/25/54(1)
25,298 25,263 
COLT Mortgage Loan Trust, Series 2026-1, Class A2, 4.96%, 2/25/71(1)
635,676 629,497 
Cross Mortgage Trust, Series 2024-H3, Class A2, 6.58%, 6/25/69(1)
134,448 135,549 


Ellington Financial Mortgage Trust, Series 2025-NQM3, Class A1B, 5.49%, 8/25/70(1)
324,533 325,098 
GS Mortgage-Backed Securities Trust, Series 2024-PJ7, Class A7, SEQ, VRN, 5.50%, 11/25/54(1)
40,237 40,194 
GS Mortgage-Backed Securities Trust, Series 2024-PJ8, Class A3, VRN, 5.00%, 2/25/55(1)
247,475 242,302 
GS Mortgage-Backed Securities Trust, Series 2025-PJ6, Class A4, SEQ, VRN, 6.00%, 11/25/55(1)
176,940 177,592 
GS Mortgage-Backed Securities Trust, Series 2026-PJ7, Class A4, SEQ, VRN, 5.50%, 10/25/56(1)
600,000 600,639 
HOMES Trust, Series 2025-AFC3, Class A1, VRN, 4.93%, 8/25/60(1)
335,664 333,763 
HOMES Trust, Series 2025-AFC3, Class A2, 5.14%, 8/25/60(1)
692,306 689,383 
JP Morgan Mortgage Trust, Series 2023-6, Class A4, SEQ, VRN, 6.00%, 12/26/53(1)
125,706 126,275 
JP Morgan Mortgage Trust, Series 2023-8, Class A4, SEQ, VRN, 6.00%, 2/25/54(1)
217,448 218,437 
JP Morgan Mortgage Trust, Series 2024-1, Class A4, SEQ, VRN, 6.00%, 6/25/54(1)
85,297 85,530 
JP Morgan Mortgage Trust, Series 2024-10, Class A6, SEQ, VRN, 5.50%, 3/25/55(1)
55,242 55,229 
JP Morgan Mortgage Trust, Series 2024-6, Class A6, SEQ, VRN, 6.00%, 12/25/54(1)
702 700 
JP Morgan Mortgage Trust, Series 2024-8, Class A3, VRN, 5.50%, 1/25/55(1)
90,332 90,061 
JP Morgan Mortgage Trust, Series 2024-8, Class A6A, SEQ, VRN, 5.50%, 1/25/55(1)
615 613 
JP Morgan Mortgage Trust, Series 2025-5MPR, Class A3, 6.16%, 11/25/55(1)
179,526 179,519 
JP Morgan Mortgage Trust, Series 2025-7MPR, Class A1D, SEQ, 5.32%, 2/25/56(1)
411,479 410,893 
JP Morgan Mortgage Trust, Series 2025-CCM2, Class A4, SEQ, VRN, 6.00%, 9/25/55(1)
256,384 257,889 
JP Morgan Mortgage Trust, Series 2025-NQM2, Class A1B, 5.57%, 9/25/65(1)
191,232 191,802 
JP Morgan Mortgage Trust, Series 2025-NQM3, Class A1B, 5.50%, 11/25/65(1)
486,779 487,420 
JP Morgan Mortgage Trust, Series 2026-ACES1, Class A2, VRN, 5.16%, 4/25/66(1)
764,000 754,514 
JP Morgan Mortgage Trust, Series 2026-NQM3, Class A3, 5.84%, 10/25/66(1)
625,000 624,998 
JP Morgan Mortgage Trust, Series 2026-NQX1, Class A2, 5.81%, 7/25/66(1)
617,005 617,264 
Morgan Stanley Residential Mortgage Loan Trust, Series 2024-3, Class A2, VRN, 6.00%, 7/25/54(1)
30,184 30,228 
Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM1, Class A3, 6.14%, 11/25/69(1)
280,433 283,181 
Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM5, Class A3, 5.90%, 7/25/70(1)
743,822 746,934 
New Residential Mortgage Loan Trust, Series 2026-NQM5, Class A2, 5.48%, 4/25/66(1)
846,504 843,844 
OBX Trust, Series 2024-J1, Class A5, SEQ, VRN, 5.50%, 9/25/54(1)
28,839 28,849 
OBX Trust, Series 2024-NQM11, Class A3, 6.23%, 6/25/64(1)
135,008 136,040 
OBX Trust, Series 2025-J1, Class A4, SEQ, VRN, 6.00%, 5/25/55(1)
199,105 199,874 
OBX Trust, Series 2025-J3, Class A5, SEQ, VRN, 5.00%, 10/25/55(1)
199,041 197,675 
OBX Trust, Series 2025-NQM11, Class A1B, 5.42%, 5/25/65(1)
404,048 404,788 
OBX Trust, Series 2025-NQM13, Class A1B, 5.44%, 5/25/65(1)
443,083 444,102 
PMT Loan Trust, Series 2025-CNF1, Class A8, SEQ, VRN, 5.00%, 10/25/56(1)
1,207,791 1,196,703 
PMT Loan Trust, Series 2025-J2, Class A9, VRN, 5.50%, 8/25/56(1)
265,011 264,020 
PRKCM Trust, Series 2025-AFC1, Class A1B, 5.10%, 10/25/60(1)
532,442 530,371 
PRKCM Trust, Series 2026-AFC1, Class A1, VRN, 4.68%, 2/25/61(1)
587,738 580,603 
Provident Funding Mortgage Trust, Series 2025-3, Class A4, VRN, 5.50%, 8/25/55(1)
187,876 187,910 
Provident Funding Mortgage Trust, Series 2025-4, Class A4, VRN, 5.50%, 9/25/55(1)
435,873 435,954 
Radian Mortgage Capital Trust, Series 2025-J2, Class A15, VRN, 5.50%, 11/25/55(1)
244,287 243,871 
Rate Mortgage Trust, Series 2024-J4, Class A5, SEQ, VRN, 5.50%, 12/25/54(1)
203,837 204,280 
Santander Mortgage Asset Receivable Trust, Series 2025-NQM3, Class A2, 5.85%, 5/25/65(1)
391,428 393,597 
Santander Mortgage Asset Receivable Trust, Series 2026-NQM2, Class A1, VRN, 4.70%, 1/25/66(1)
434,548 429,804 
Santander Mortgage Asset Receivable Trust, Series 2026-NQM3, Class A1, VRN, 5.18%, 3/25/66(1)
549,483 548,060 
Sequoia Mortgage Trust, Series 2024-4, Class A4, VRN, 6.00%, 5/25/54(1)
107,268 107,548 
Sequoia Mortgage Trust, Series 2024-8, Class A11, SEQ, VRN, 5.50%, 9/25/54(1)
578 577 
Sequoia Mortgage Trust, Series 2024-8, Class A5, SEQ, VRN, 5.50%, 9/25/54(1)
55,509 55,511 
Sequoia Mortgage Trust, Series 2025-12, Class A5, SEQ, VRN, 5.00%, 12/25/55(1)
949,483 939,154 
Sequoia Mortgage Trust, Series 2025-6, Class A5, SEQ, VRN, 5.50%, 7/25/55(1)
265,959 265,532 
Sequoia Mortgage Trust, Series 2025-7, Class A5, SEQ, VRN, 5.50%, 8/25/55(1)
219,854 219,534 
SG Residential Mortgage Trust, Series 2025-1, Class A1, VRN, 5.10%, 12/25/65(1)
849,012 846,208 
Triangle Re Ltd., Series 2023-1, Class M1A, VRN, 7.01%, (30-day average SOFR plus 3.40%), 11/25/33(1)
13,875 13,944 
Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64(1)
21,494 20,602 
Verus Securitization Trust, Series 2024-4, Class A1, 6.22%, 6/25/69(1)
85,458 86,176 
Verus Securitization Trust, Series 2024-9, Class A3, 5.89%, 11/25/69(1)
302,253 303,516 
Verus Securitization Trust, Series 2025-4, Class A3, 5.75%, 5/25/70(1)
112,633 112,906 


Verus Securitization Trust, Series 2026-4, Class A1, VRN, 5.00%, 4/25/71(1)
1,045,356 1,042,387 
Verus Securitization Trust, Series 2026-R5, Class A3, 5.76%, 3/25/68(1)
475,000 474,998 
Vista Point Securitization Trust, Series 2020-2, Class A1, VRN, 1.48%, 4/25/65(1)
24,546 24,048 
25,538,926 
U.S. Government Agency Collateralized Mortgage Obligations — 0.2%
FHLMC, Series 377, Class C4, IO, 2.00%, 1/25/513,332,282 441,175 
FNMA, Series 2024-R01, Class 1M1, VRN, 4.66%, (30-day average SOFR plus 1.05%), 1/25/44(1)
38,473 38,470 
479,645 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $26,082,057)
26,018,571 
ASSET-BACKED SECURITIES — 11.1%
ACM Auto Trust, Series 2025-2A, Class A, SEQ, 5.55%, 6/20/28(1)
215,016 215,359 
ACM Auto Trust, Series 2025-2A, Class B, 7.25%, 2/20/32(1)
373,000 376,487 
ACM Auto Trust, Series 2025-3A, Class B, 6.08%, 7/20/32(1)
822,000 820,389 
ACM Auto Trust, Series 2025-4A, Class A, SEQ, 5.87%, 5/20/30(1)
217,037 217,500 
AMCR ABS Trust, Series 2026-A, Class A, SEQ, 5.52%, 5/18/33(1)
369,906 370,706 
Aqua Finance Issuer Trust, Series 2025-B, Class D, 6.16%, 5/17/51(1)
451,215 453,280 
Aqua Finance Issuer Trust, Series 2026-A, Class B, 5.10%, 4/17/51(1)
640,000 634,799 
Avant Credit Card Master Trust, Series 2024-1A, Class B, 5.55%, 4/15/30(1)
424,000 424,772 
Avant Loans Funding Trust, Series 2026-REV1, Class D, 5.56%, 5/15/36(1)
651,000 644,902 
Barclays Mortgage Loan Trust, Series 2026-CES1, Class A2, 5.15%, 1/25/56(1)
712,000 700,102 
Bluepeak ABS Issuer LLC, Series 2025-1A, Class A2, SEQ, 5.86%, 12/20/55(1)
403,846 408,204 
BRAVO Residential Funding Trust, Series 2026-CES1, Class A1A, 5.25%, 4/25/56(1)
1,008,431 1,007,643 
Canon Music Issuer Trust, Series 2026-1A, Class A, SEQ, 5.52%, 5/1/76(1)
502,000 502,870 
CARS-DB5 LP, Series 2021-1A, Class A3, SEQ, 1.92%, 8/15/51(1)
245,781 244,157 
Centersquare Issuer LLC, Series 2025-3A, Class A2, SEQ, 5.00%, 8/25/55(1)
360,266 347,088 
Cherry Securitization Trust, Series 2025-1A, Class B, 6.53%, 11/15/32(1)
365,000 368,999 
College Avenue Student Loans LLC, Series 2019-A, Class C, 4.46%, 12/28/48(1)
266,257 260,298 
Compass Datacenters Issuer III LLC, Series 2026-1A, Class A23, SEQ, 5.44%, 2/25/56(1)
653,059 645,485 
Concord Music Royalties LLC, Series 2025-1A, Class A2, SEQ, 5.51%, 7/20/75(1)
251,000 251,921 
DataBank Issuer LLC, Series 2023-1A, Class A2, SEQ, 5.12%, 2/25/53(1)
302,000 298,961 
EDI ABS Issuer 1 LLC, Series 2025-1A, Class B, 4.55%, 7/25/55(1)
147,000 136,106 
FinBe USA Trust, Series 2025-1A, Class B, 6.60%, 12/16/30(1)
562,000 554,928 
FIP Master Funding LLC, Series 2026-1A, Class A5, SEQ, 5.39%, 3/15/56(1)
586,441 574,034 
GoodLeap Sustainable Home Solutions Trust, Series 2021-4GS, Class A, SEQ, 1.93%, 7/20/48(1)
165,369 135,704 
GS Mortgage-Backed Securities Trust, Series 2024-HE1, Class A1, VRN, 5.21%, (30-day average SOFR plus 1.60%), 8/25/54(1)
146,164 146,686 
Hilton Grand Vacations Trust, Series 2024-2A, Class D, 6.91%, 3/25/38(1)
47,850 48,808 
JP Morgan Mortgage Trust, Series 2025-CES5, Class A1A, 5.14%, 2/25/56(1)
444,401 443,091 
JP Morgan Mortgage Trust, Series 2025-CES5, Class A1B, 5.24%, 2/25/56(1)
458,791 457,827 
JP Morgan Mortgage Trust, Series 2026-CES1, Class A1A, 4.91%, 6/25/56(1)
765,385 759,474 
Kobalt Music Assets LP, Series 2024-1A, Class A2, SEQ, 6.625%, 4/7/64(1)
265,621 268,108 
LMRK Issuer Co. 2 LLC, Series 2025-1A, Class A, SEQ, 5.52%, 9/15/55(1)
288,000 285,908 
Lyra Music Assets Delaware LP, Series 2024-2A, Class A2, SEQ, 5.76%, 12/22/64(1)
242,307 243,766 
Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, SEQ, 5.60%, 9/20/65(1)
236,172 237,053 
M&T Bank RV Trust, Series 2026-1A, Class A, SEQ, 4.35%, 1/15/46(1)
861,552 852,714 
Mission Lane Credit Card Master Trust, Series 2024-B, Class B, 6.32%, 1/15/30(1)
356,000 357,462 
Mission Lane Credit Card Master Trust, Series 2025-B, Class C, 5.41%, 9/15/31(1)
246,000 244,318 
Mission Lane Credit Card Master Trust, Series 2026-A, Class C, 5.69%, 7/15/32(1)
428,000 428,518 
Mosaic Solar Loan Trust, Series 2021-3A, Class B, 1.92%, 6/20/52(1)
389,520 279,393 
MVW LLC, Series 2020-1A, Class C, 4.21%, 10/20/37(1)
33,523 33,461 
New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61(1)
200,000 124,750 
OnDeck Asset Securitization Trust IV LLC, Series 2024-2A, Class B, 5.42%, 10/17/31(1)
143,000 143,035 
Oportun Issuance Trust, Series 2026-A, Class D, 6.28%, 1/9/34(1)
629,000 626,967 
Pagaya AI Debt Grantor Trust, Series 2026-2, Class B, 6.03%, 11/15/33(1)
584,315 584,494 


Pawneee Equipment Receivables LLC, Series 2022-1, Class D, 7.23%, 7/17/28(1)
361,000 361,408 
Purchasing Power Funding LLC, Series 2026-A, Class D, 5.40%, 8/15/30(1)
636,000 630,078 
RCKT Mortgage Trust, Series 2024-CES1, Class A1A, VRN, 6.03%, 2/25/44(1)
120,265 120,770 
RCKT Trust, Series 2025-1A, Class D, 5.42%, 7/25/34(1)
138,000 137,200 
Research-Driven Pagaya Motor Asset Trust, Series 2026-1A, Class C, 5.69%, 1/25/35(1)
390,600 384,644 
RNL PH Owner LLC, Series 2026-1A, Class C, 5.59%, 3/20/56(1)
579,591 565,493 
Santander Mortgage Asset Receivable Trust, Series 2025-CES1, Class A1A, 5.04%, 9/25/55(1)
614,034 610,219 
Santander Mortgage Asset Receivable Trust, Series 2026-CES1, Class A1A, SEQ, 4.88%, 1/25/56(1)
745,043 736,916 
Santander Mortgage Asset Receivable Trust, Series 2026-CES1, Class A1B, SEQ, 4.98%, 1/25/56(1)
889,245 879,175 
Scalelogix ABS U.S. Issuer LLC, Series 2025-1A, Class B, 6.16%, 7/25/55(1)
248,000 242,632 
SEB Funding LLC, Series 2024-1A, Class A2, SEQ, 7.39%, 4/30/54(1)
345,135 350,929 
Stack Infrastructure Issuer LLC, Series 2026-1A, Class A2, SEQ, 5.00%, 3/27/56(1)
564,478 548,060 
United Auto Credit Securitization Trust, Series 2026-1, Class D, 5.65%, 7/10/31(1)
635,000 633,393 
Uniti Fiber ABS Issuer LLC, Series 2025-1A, Class B, 6.37%, 4/20/55(1)
206,262 208,976 
Vertical Bridge CC LLC, Series 2025-1A, Class C, 7.45%, 8/16/55(1)
259,741 264,587 
Vista Point Securitization Trust, Series 2024-CES1, Class A1, 6.68%, 5/25/54(1)
173,994 175,534 
Westgate Resorts LLC, Series 2026-1A, Class C, 6.08%, 10/20/39(1)
336,648 336,693 
TOTAL ASSET-BACKED SECURITIES
(Cost $24,511,482)
24,347,234 
CONVERTIBLE PREFERRED SECURITIES — 5.1%
Banks — 4.7%
Banco Bilbao Vizcaya Argentaria SA, 6.125%600,000 601,348 
Banco Bilbao Vizcaya Argentaria SA, 9.375%(3)
420,000 460,658 
Banco Davivienda SA, 6.65%(1)
411,000 371,389 
Banco Mercantil del Norte SA, 5.875%(1)
420,000 416,886 
Banco Santander SA, 4.75%600,000 600,367 
BNP Paribas SA, 8.50%(1)
1,065,000 1,125,191 
Commerzbank AG, 7.50%200,000 208,943 
Credit Agricole SA, 4.75%(1)
131,000 127,575 
HSBC Holdings PLC, 6.50%1,047,000 1,061,533 
HSBC Holdings PLC, 6.875%320,000 328,842 
ING Groep NV, 7.50%450,000 465,136 
ING Groep NV, 4.875%812,000 783,270 
Lloyds Banking Group PLC, 8.00%585,000 624,399 
Macquarie Bank Ltd., 6.125%(1)
215,000 216,733 
Skandinaviska Enskilda Banken AB, 6.875%600,000 610,420 
Societe Generale SA, 9.375%(1)
600,000 634,650 
Societe Generale SA, 10.00%(1)
200,000 219,086 
Svenska Handelsbanken AB, 4.375%400,000 397,910 
Swedbank AB, 7.625%1,000,000 1,036,502 
10,290,838 
Capital Markets — 0.4%
UBS Group AG, 9.25%(1)
715,000 773,988 
TOTAL CONVERTIBLE PREFERRED SECURITIES
(Cost $11,025,341)
11,064,826 
PREFERRED SECURITIES — 4.6%
Banks — 1.6%
Bank of America Corp., 4.375%735,000 730,471 
Citigroup, Inc., 7.625%565,000 589,070 
JPMorgan Chase & Co., 3.65%550,000 550,000 
KeyCorp, 5.00%465,000 464,968 
M&T Bank Corp., 5.125%215,000 215,816 
Truist Financial Corp., 6.67%890,000 892,973 
3,443,298 


Capital Markets — 0.4%
Charles Schwab Corp., 4.00%637,000 637,000 
Northern Trust Corp., 4.60%295,000 295,122 
932,122 
Chemicals — 0.2%
OCP SA, 6.74%(1)
400,000 398,011 
Consumer Finance — 0.9%
Ally Financial, Inc., 4.70%605,000 588,917 
Capital One Financial Corp., 3.95%(3)
560,000 557,400 
Capital One Financial Corp., 5.50%655,000 658,059 
Sumisho Air Lease Corp., 4.65%205,000 204,902 
2,009,278 
Electric Utilities — 0.3%
NRG Energy, Inc., 10.25%(1)
661,000 721,143 
Independent Power and Renewable Electricity Producers — 0.3%
Vistra Corp., 8.00%(1)
590,000 595,122 
Multi-Utilities — 0.2%
Dominion Energy, Inc., 4.35%477,000 476,281 
Oil, Gas and Consumable Fuels — 0.5%
Energy Transfer LP, 6.50%170,000 170,685 
Energy Transfer LP, 6.625%862,000 872,566 
1,043,251 
Trading Companies and Distributors — 0.2%
Aircastle Ltd., 5.25%(1)
509,000 510,044 
TOTAL PREFERRED SECURITIES
(Cost $10,073,115)
10,128,550 
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.5%
Benchmark Mortgage Trust, Series 2018-B5, Class B, 4.57%, 7/15/51104,014 97,943 
Benchmark Mortgage Trust, Series 2020-B16, Class D, 2.50%, 2/15/53(1)
68,000 51,106 
BFLD Trust, Series 2025-FPM, Class B, VRN, 5.59%, 10/10/40(1)
105,000 105,569 
Citigroup Commercial Mortgage Trust, Series 2020-555, Class E, VRN, 3.50%, 12/10/41(1)
623,000 554,757 
Credit Suisse Mortgage Trust, Series 2021-BHAR, Class A, VRN, 4.89%, (1-month SOFR plus 1.26%), 11/15/38(1)
150,000 148,721 
Credit Suisse Mortgage Trust, Series 2021-BHAR, Class B, VRN, 5.24%, (1-month SOFR plus 1.61%), 11/15/38(1)
200,000 198,240 
Morgan Stanley Capital I Trust, Series 2020-L4, Class AS, 2.88%, 2/15/53126,000 115,228 
ONNI Commerical Mortgage Trust, Series 2024-APT, Class A, SEQ, VRN, 5.57%, 7/15/39(1)
200,000 201,762 
SCG Mortgage Trust, Series 2024-MSP, Class B, VRN, 6.07%, (1-month SOFR plus 2.44%), 4/15/41(1)
261,000 261,882 
SHR Trust, Series 2024-LXRY, Class B, VRN, 6.08%, (1-month SOFR plus 2.45%), 10/15/41(1)
247,000 247,600 
SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, VRN, 5.07%, (1-month SOFR plus 1.44%), 2/15/42(1)
246,000 244,795 
THPT Mortgage Trust, Series 2023-THL, Class B, VRN, 7.67%, 12/10/34(1)
300,000 301,595 
UBS Commercial Mortgage Trust, Series 2018-C14, Class B, VRN, 5.10%, 12/15/51220,000 213,725 
Velocity Commercial Capital Loan Trust, Series 2026-1, Class M2, VRN, 5.89%, 2/25/56(1)
264,598 262,404 
WB Commercial Mortgage Trust, Series 2024-HQ, Class A, SEQ, VRN, 5.94%, 3/15/40(1)
209,000 209,443 
Wells Fargo Commercial Mortgage Trust, Series 2017-C41, Class D, VRN, 2.60%, 11/15/50(1)
20,000 17,639 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $3,237,436)
3,232,409 
MUNICIPAL SECURITIES — 0.7%
Build NYC Resource Corp. Rev., (RiverSpring Health Senior Living, Inc. Obligated Group), 7.00%, 12/15/30 (1)
1,285,000 1,269,171 
Florida Local Government Finance Commission Rev., (Ponte Vedra Pine Co. LLC Obligated Group), 6.75%, 11/15/30 (1)
210,000 209,726 
TOTAL MUNICIPAL SECURITIES
(Cost $1,495,000)
1,478,897 
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.4%
Mexico — 0.4%
Eagle Funding Luxco SARL, 5.50%, 8/17/30(1)
(Cost $861,179)
853,000 858,954 


BANK LOAN OBLIGATIONS(5) — 0.3%
Entertainment — 0.2%
Discovery Global Holdings, Inc., 2026 USD Term Loan B, 6/30/33(6)
495,000 496,470 
Passenger Airlines — 0.1%
American Airlines, Inc., 2024 1st Lien Term Loan B, 5.94%, (6-month SOFR plus 2.25%), 2/15/28130,950 129,559 
TOTAL BANK LOAN OBLIGATIONS
(Cost $624,983)
626,029 
COLLATERALIZED LOAN OBLIGATIONS — 0.1%
BSPRT Issuer Ltd., Series 2023-FL10, Class A, VRN, 5.89%, (1-month SOFR plus 2.26%), 9/15/35(1)
44,081 44,087 
BXMT Ltd., Series 2021-FL4, Class AS, VRN, 5.29%, (1-month SOFR plus 1.66%), 5/15/38(1)
250,000 249,694 
Dryden 30 Senior Loan Fund, Series 2013-30A, Class CR, VRN, 5.61%, (3-month SOFR plus 1.96%), 11/15/28(1)
2,866 2,867 
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $286,744)
296,648 
SHORT-TERM INVESTMENTS — 13.0%
Money Market Funds — 13.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class26,774,964 26,774,964 
State Street Navigator Securities Lending Government Money Market Portfolio(7)
1,575,665 1,575,665 
TOTAL SHORT-TERM INVESTMENTS
(Cost $28,350,629)
28,350,629 
TOTAL INVESTMENT SECURITIES — 112.4%
(Cost $245,633,667)
245,516,973 
OTHER ASSETS AND LIABILITIES — (12.4)%(27,142,936)
TOTAL NET ASSETS — 100.0%$218,374,037 

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration
Date		Notional
Amount		Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 2-Year Notes1 September 2026$206,563 $365 
^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference EntityContractsExpiration
Date		Notional
Amount		Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 10-Year Notes49September 2026$5,381,578 $(16,940)
U.S. Treasury 10-Year Ultra Notes35September 20263,922,735 (12,287)
U.S. Treasury Long Bonds4September 2026448,875 (2,508)
$9,753,188 $(31,735)
^Amount represents value and unrealized appreciation (depreciation).

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS§
Reference EntityTypeFixed Rate
Received
(Paid)
Quarterly		Termination
Date		Notional
Amount		Premiums
Paid
(Received)		Unrealized
Appreciation
(Depreciation)		Value^
Markit CDX North America High Yield Index Series 46Buy(5.00)%6/20/31$2,623,500 $(190,024)$(54,020)$(244,044)
§Credit default swap agreements enable the fund to buy/sell protection against a credit event of a specific issuer or index. As a seller of credit protection against a security or basket of securities, the fund receives an upfront and/or periodic payment to compensate against potential default events. The fund may attempt to enhance returns by selling protection.
^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.



NOTES TO SCHEDULE OF INVESTMENTS
CDX–Credit Derivatives Indexes
EUR–Euro
FHLMC–Federal Home Loan Mortgage Corp.
FNMA–Federal National Mortgage Association
IO–Interest Only
SEQ–Sequential Payer
SOFR–Secured Overnight Financing Rate
USD–United States Dollar
VRN–Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $105,900,793, which represented 48.5% of total net assets. 
(2)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(3)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,514,884. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(4)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $532,901.
(5)The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.
(6)The interest rate will be determined upon settlement of the bank loan obligation after period end.
(7)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,575,665.


SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS 

1. Investment Valuations

The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, bank loan obligations, municipal securities and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.

Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred securities and convertible preferred securities with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Open-end management investment companies are valued at the reported NAV per share.  Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause a fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

2. Fair Value Measurements

The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels. 

•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars. 

•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.



The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.
 
Level 1
Level 2
Level 3
Assets
 
 
 
Investment Securities
 
 
 
Corporate Bonds
— $93,768,519 — 
U.S. Treasury Securities
— 45,345,707 — 
Collateralized Mortgage Obligations
— 26,018,571 — 
Asset-Backed Securities
— 24,347,234 — 
Convertible Preferred Securities
— 11,064,826 — 
Preferred Securities
— 10,128,550 — 
Commercial Mortgage-Backed Securities
— 3,232,409 — 
Municipal Securities
— 1,478,897 — 
Sovereign Governments and Agencies
— 858,954 — 
Bank Loan Obligations
— 626,029 — 
Collateralized Loan Obligations
— 296,648 — 
Short-Term Investments
$28,350,629 — — 
 
$28,350,629 $217,166,344 — 
Other Financial Instruments
 
 
 
Futures Contracts
$365 — — 
Liabilities
Other Financial Instruments
Futures Contracts$31,735 — — 
Swap Agreements— $244,044 — 
$31,735 $244,044 — 
This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual financial statements.